GOLD STEADY IN VOLATILE TRADING

by Goldline.com | June 30, 2010

Gold is up as of 11:44 a.m. EST on the New York Spot Market. A stabilizing stock market had eased some investor anxiety; however, a weak U.S. jobs report is rekindling concerns about the economic recovery.

Stocks are up on the New York Stock Exchange as of 11:44 a.m. EST, although the weaker-than-expected jobs report from ADP has dampened some of the momentum seen in early trading Wednesday. The report showed the U.S. economy gained 13,000 jobs in June, which was significantly less than the 61,000 increase forecast from economists surveyed by Briefing.com. A key employment report from the U.S. Government is due Friday. "After the battering markets have taken recently, it looks like we're headed for quiet trading ahead of the key employment numbers on Friday,” said David Jones, chief market strategist at IG Markets. (CNN Money, 6/30)

Gold may extend this year’s advance and rise to $1,385 an ounce, according to a technical analysis by Barclays Capital. In a report from June 28, analyst MacNeil Curry told investors, "We maintain our bullish bias for a move through the bull-market highs. We look for a push towards $1,385, 20-month channel resistance, as speculators begin to rebuild their long positions,” he said. (Bloomberg, 6/30)

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S&P Capital IQ - Gold: $1,900 (in 2012) "Leo Larkin, metals and mining analyst at S&P Capital IQ, thinks that $1,900 gold might not be that much of a stretch [in 2012]. 'Gold has been ..."
Citigroup - Gold: $2,300 - $2,400 (by end of 2012) "While we remain cautious on Gold in the near term...we continue to believe that the bull market remains intact...we believe that 2012 may be..."
Leeb Capital Management - Gold: $2,500 - $3,000 (in 2012) "I'll give you my target for gold at the end of 2012, it's going to be trading somewhere between $2,500 and $3,000. This..."
Global Hunter Securities - Gold: $1,800 (in 2012) "'What I am looking for is a gold price of $1,800 an ounce in 2012,' says Jeffrey Wright, senior research analyst at Global Hunter..."
US Global Investors - Gold: $3,600 (by 2017) "'People get so caught up with the next three minutes for gold and they should really be focused on the next three years,' says Frank Holmes, ..."
Goldman Sachs - Gold: over $1,900 (in 2012) "Wall Street investment bank Goldman Sachs predicts that gold's bull run will continue into 2012 with a low interest rate environment and..."
CNBC - Gold: $2,400 (no period given) "Gold will top $2,400 an ounce. The long-term bull market in gold marches on. Gold won't make a straight shot to a new inflation-adjusted high. As long..."
Nomura - Gold: $2,000 (by end of 2012) "Nomura has raised its forecast for gold prices to $2,000 an ounce by the end of 2012, from $1,800 earlier. The brokerage said the low-interest rate..."
Morgan Stanley - Gold: $2,200 (in first half of 2012) "Gold will lead a rally in commodities in 2012 as Europe's sovereign-debt crisis continues to roil financial markets, spurring demand for ..."
UBS - Gold: $2,050 average in 2012 "[Gold] remains one of the top commodity picks for 2012 as 'most of the factors that pushed gold higher in 2011 are not going away,' according to UBS..."
Bank of America Merrill Lynch - Gold: $2,150 - $2,200 (average in 2012) "From a technical perspective we believe that the bull trend for gold remains intact… with gold having not yet met any of..."
TheStreet.com - Gold: $2,500 (by May 2013) "I want to own gold here. I think gold is going to $2,500 eighteen months from now... Gold has been up for ten straight years and this going to be the..."